Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA)’s share price rose 8.6% during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $30.73 and last traded at $29.64, with a volume of 2,781,753 shares. The stock had previously closed at $27.30.

The business services provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The business had revenue of $166.20 million for the quarter, compared to analyst estimates of $161.85 million. Ritchie Bros. Auctioneers had a return on equity of 15.19% and a net margin of 13.02%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.37 EPS.

A number of research analysts have commented on RBA shares. Royal Bank Of Canada set a $41.00 price objective on Ritchie Bros. Auctioneers and gave the company a “buy” rating in a report on Saturday, April 22nd. TheStreet lowered Ritchie Bros. Auctioneers from a “b” rating to a “c+” rating in a report on Monday, May 8th. BidaskClub raised Ritchie Bros. Auctioneers from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $29.00 price objective on shares of Ritchie Bros. Auctioneers in a report on Monday, May 15th. Finally, Zacks Investment Research raised Ritchie Bros. Auctioneers from a “strong sell” rating to a “hold” rating in a report on Saturday, July 8th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. Ritchie Bros. Auctioneers presently has an average rating of “Hold” and a consensus target price of $33.75.

Several hedge funds have recently added to or reduced their stakes in the stock. CGOV Asset Management increased its stake in Ritchie Bros. Auctioneers by 150.2% in the first quarter. CGOV Asset Management now owns 6,956,054 shares of the business services provider’s stock worth $304,466,000 after buying an additional 4,175,593 shares during the last quarter. Champlain Investment Partners LLC increased its stake in Ritchie Bros. Auctioneers by 87.9% in the first quarter. Champlain Investment Partners LLC now owns 2,868,155 shares of the business services provider’s stock worth $94,362,000 after buying an additional 1,341,355 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Ritchie Bros. Auctioneers by 57.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,498,984 shares of the business services provider’s stock worth $115,116,000 after buying an additional 1,271,836 shares during the last quarter. KAMES CAPITAL plc bought a new stake in Ritchie Bros. Auctioneers during the first quarter worth $25,500,000. Finally, Riverbridge Partners LLC increased its stake in Ritchie Bros. Auctioneers by 18.4% in the second quarter. Riverbridge Partners LLC now owns 3,640,160 shares of the business services provider’s stock worth $104,618,000 after buying an additional 565,290 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

The company has a market capitalization of $3.17 billion, a PE ratio of 43.59 and a beta of 0.55. The firm’s 50 day moving average price is $28.30 and its 200-day moving average price is $30.91.

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Ritchie Bros. Auctioneers Company Profile

Ritchie Bros Auctioneers Inc is a Canada-based holding company. The Company is an industrial auctioneer and used equipment distributor, selling used equipment and other assets. Its segments include Core Auction, which is a network of auction locations that conduct live, unreserved auctions with both on-site and online bidding, and Other, which includes its EquipmentOne and Mascus International Holding B.V.

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